Dividend payments of over Rs 9,100 crore are lying unclaimed with companies, Parliament was informed today.
The unclaimed and unpaid amounts lying with companies are on account of dividends, matured deposits as well as debentures, among others.
As per the filing made by the companies till March 31, 2017, an amount of Rs 9,120.77 crore is lying with them as unpaid and unclaimed amount, Minister of State for Corporate Affairs Arjun Ram Meghwal said in a written reply to the Rajya Sabha.
"The prescribed period for companies to file reports for 2016-17 is not yet over," he added.
Besides, Rs 1,673.21 crore has been transferred to the Investor Education and Protection Fund (IEPF) during 2001-02 to 2016-17, the minister said.
Payments are required to be made to investors within 30 days of the dividend being declared. Any unpaid or unclaimed amount needs to be transferred to an "unclaimed dividend account" within the next seven days.
Money lying unclaimed in this account for seven years gets transferred to the Investor Education and Protection Fund.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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